Bank Danamon Enters into a Conditional Agreement to Sell a Majority Stake in Adira Insurance to Zurich

Press Release / 27 September 2018

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Jakarta, 27 September 2018 – PT Bank Danamon Indonesia Tbk (“Bank Danamon”) announced today that it has entered into a Conditional Sales and Subscription Agreement (CSSA) with Zurich Insurance Company Ltd (“Zurich”), for the sale of 70% share ownership in PT Asuransi Adira Dinamika (“Adira Insurance”), its general insurance subsidiary. The consideration is approximately IDR 3.9 trillion.

Under the terms of the transaction, Zurich will acquire a total of 80% stake in Adira Insurance from Bank Danamon (70%) and a minority shareholder (10%).

Zurich is one of the world’s leading insurance group and its investment in Adira Insurance will allow Adira Insurance to tap on the financial strength, product and underwriting expertise, and digital capabilities to facilitate its growth.

The strategic partnership with Zurich will provide Danamon Group’s customers with access to a wide range of best-in-class general insurance products from a globally renowned institution.

Commenting on the transaction and partnership, Bank Danamon’s President Director Sng Seow Wah said, “Adira Insurance has been a valuable part of Danamon group. It is important to recognize the efforts of existing and previous management for growing the business to become the sixth largest general insurance company in Indonesia. As part of the Zurich group, we are confident that they will continue to grow and serve customers more comprehensively.”